Due to the advancement in modern technology, the cost of medical treatment is rapidly growing in the past few years. We have come across many individuals who have realized the values of buying a medical insurance after taking a look at their hospital bills. It is rightly said that a hospital bill can at times get you down worse than any ailment can.
It is important to buy a best medical insurance in early years to protect yourself against unexpected hospital expenses with confidence. The increasing cost of the medical treatment puts individuals with no health insurance policy under a serious financial risk every day of their lives. Buying a timely health insurance in India can shield you against financial problems that may arise due to prolonged illness and the expenses thereof.
It is prudent to buy a health insurance in early years and cover all the members of the family as medical emergencies can arise at anytime and to any individual without any warning. If you wait say, till you are in your 40’s to buy a best mediclaim insurance policy, the health insurance provider may insist on a health check up, and if any ailment is detected before buying a policy, the health insurance provider can exclude pre existing conditions, which defeats the whole purpose of buying a mediclaim insurance policy.
Once you have decided to buy the health insurance, it is imperative to understand the best policy that would suit your requirements.
Group Health Insurance:
These days a lot of employees get a health insurance cover from their employers. A group health insurance policy has various benefits. Depending solely on the company policy is not a good decision as in case you lose your job, you will not only be without a regular pay cheque but you will also find yourself without a health insurance, secondly, it becomes difficult to buy a health insurance policy in later years. It is suggested, that every individual should buy a separate health insurance cover along with the group insurance policy as an investment for the future.
Individual Health Insurance:
An individual policy means you have a separate policy for each member of the family. Though buying this policy may be expensive but it offers an adequate cover to meet the needs of each individual.
A family health insurance policy covers all the members in a single policy. The key attraction of this policy is that it is more cost effective. Well Known Financial Planner Shefali Arora says, “An individual can buy a family health insurance policy if the elderly members of the family do not have health insurance coverage but there is a possibility of including them in a floater policy. Secondly, a floater policy turns out to be beneficial, if the members of the family already have an individual health insurance plans but the family wants to enhance coverage by buying family health insurance policy .”
The only disadvantage of buying a family floater policy is that most health insurance providers renew the policy only till the senior most member reaches the maximum age of renewability. This means, the other members of the family who are a part of the floater policy will need to buy individual plans later in life. Elder members of the family may find it difficult to buy the policy at such a later stage of life.
Shefali Arora further adds, “Buying an individual policy is a much better option as if one member of the family falls ill at the beginning of the year and utilizes a substantial portion of the sum assured, than in such a scenario the other members of the family will then be left with inadequate protection for the rest of the year. Though the probability of such a situation arising is low, it could still happen. By paying a slightly higher amount to buy an individual policy you can be assured that all the members are adequately covered for the complete year”
The learning, though opting for a corporate policy or family floater policy is beneficial, but it is essential to buy an additional individual cover so that you are better secured in the long run.